FinancingHARD
The Home Ownership and Equity Protection Act (HOEPA) provides protections for borrowers in:
Correct Answer
B) High-cost mortgage loans
HOEPA provides enhanced protections for borrowers in high-cost mortgage loans, which are defined by having interest rates or fees above certain thresholds. These loans require additional disclosures and have restrictions on loan terms and practices.
Answer Options
A
All mortgage loansB
High-cost mortgage loansC
Reverse mortgages onlyD
Commercial loans onlyVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
truth-in-lending-act-tilapredatory-lending-practicesconsumer-protection-real-estate
Key Terms:
HOEPAhigh-cost mortgagepredatory lendingTILA amendmentCFPB
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